Patterson-UTI Energy (NASDAQ:PTEN) Reaches New 1-Year Low at $8.60

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) shares hit a new 52-week low on Tuesday . The stock traded as low as $8.60 and last traded at $8.63, with a volume of 2645104 shares changing hands. The stock had previously closed at $9.21.

Analysts Set New Price Targets

PTEN has been the subject of a number of recent analyst reports. Benchmark restated a "hold" rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating on the stock in a report on Friday, July 26th. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating on the stock in a research report on Tuesday, July 16th. StockNews.com lowered Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Monday, August 5th. Finally, Bank of America lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating on the stock in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and a consensus price target of $14.59.

Patterson-UTI Energy Trading Down 5.2 %

The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $3.51 billion, a PE ratio of 12.84 and a beta of 2.18. The stock's fifty day simple moving average is $9.72 and its 200 day simple moving average is $10.70.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.04). The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. On average, sell-side analysts predict that Patterson-UTI Energy, Inc. will post 0.33 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.67%. Patterson-UTI Energy's payout ratio is currently 47.06%.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company's stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the period. Pacer Advisors Inc. purchased a new stake in Patterson-UTI Energy during the 2nd quarter valued at approximately $152,265,000. Allspring Global Investments Holdings LLC raised its position in shares of Patterson-UTI Energy by 10.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company's stock valued at $87,208,000 after buying an additional 703,536 shares during the last quarter. Deprince Race & Zollo Inc. lifted its holdings in shares of Patterson-UTI Energy by 14.7% in the second quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company's stock worth $62,880,000 after buying an additional 778,581 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company's stock worth $58,877,000 after acquiring an additional 2,191,330 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.